Citigroup Increases Clear Channel Outdoor (NYSE:CCO) Price Target to $2.50

Clear Channel Outdoor (NYSE:CCO) had its target price upped by Citigroup from $2.20 to $2.50 in a research report report published on Thursday morning, The Fly reports. The firm currently has a neutral rating on the business services provider’s stock.

Several other research firms have also commented on CCO. Zacks Investment Research lowered Clear Channel Outdoor from a buy rating to a hold rating in a research note on Tuesday, May 11th. Morgan Stanley boosted their price target on Clear Channel Outdoor from $1.50 to $2.50 and gave the company an equal weight rating in a research report on Friday, April 30th. Finally, BMO Capital Markets reissued a market perform rating on shares of Clear Channel Outdoor in a research report on Monday, May 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $4.46.

Clear Channel Outdoor stock opened at $2.70 on Thursday. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -1.97 and a beta of 2.63. The firm has a fifty day simple moving average of $2.28. Clear Channel Outdoor has a 52 week low of $0.86 and a 52 week high of $3.05.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Sunday, May 9th. The business services provider reported ($0.60) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.25). The company had revenue of $370.91 million during the quarter, compared to analysts’ expectations of $367.85 million. On average, research analysts forecast that Clear Channel Outdoor will post -0.73 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its position in shares of Clear Channel Outdoor by 44.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 14,400 shares of the business services provider’s stock worth $26,000 after buying an additional 4,400 shares during the period. Capula Management Ltd acquired a new position in shares of Clear Channel Outdoor in the first quarter worth about $33,000. Centiva Capital LP lifted its stake in shares of Clear Channel Outdoor by 32.1% in the first quarter. Centiva Capital LP now owns 22,515 shares of the business services provider’s stock worth $41,000 after acquiring an additional 5,468 shares in the last quarter. Close Asset Management Ltd acquired a new position in shares of Clear Channel Outdoor in the first quarter worth about $52,000. Finally, Teacher Retirement System of Texas lifted its stake in shares of Clear Channel Outdoor by 60.1% in the fourth quarter. Teacher Retirement System of Texas now owns 32,074 shares of the business services provider’s stock worth $53,000 after acquiring an additional 12,040 shares in the last quarter. 94.82% of the stock is owned by institutional investors.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures; and retail and other small displays.

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